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Case Study Brief Prepared by:
Research Fellow: Dennis Jerke, Adjunct Professor, Texas A&M University
Student Research Assistant: Ryan Mikulenka, Master of Science in Land Development
Candidate, Texas A&M University
Student Research Assistant: Serena Conti, Master of Science in Land Development Candidate,
Texas A&M University
Firm/Project Contact: Ed Uhlir, Executive Director, Millennium Park, Inc.
Landscape Performance Benefits and Methods
Attracts approximately 5 million visitors annually, a 60% increase in a 6-year period,
and generates an estimated annual revenue of $1.4 billion in direct visitor spending
and an additional $78 million in tax revenue.
Tourism to Chicago generates billions in revenue to the city. An analysis was conducted to estimate the financial impact the tourists visiting the park have on the city. Chicago hosted 39.2 million domestic and overseas visitors in 2010, including 28.0 million domestic leisure travelers, 10.1 million domestic business travelers and 1.13 million overseas visitors. These visitors contributed more than $11.1 billion to Chicago's economy in 2010, creating 124,400 jobs and $616 million of tax revenue. Twelve percent of Chicago tourists visit Millennium Park. These visitors of the park account for $1.4 billion of direct spending and $78 million in tax revenue. LPS Methodology Page 1 of 7 The 60% increase in visitation was calculated for the 6-year period between 2005 and 2010. 3 million visitors in 2005 As baseline reported in: Goodman Williams Group and URS Corporation (April 21, 2005). "Millennium Park Economic Impact Study" (PDF), p.5. City of Chicago Department of Planning and Development. 5 million visitors in 2010 Attributed to Neal Speers, General Manager, MB Real Estate in: Mikulenka, Ryan (Summer 2011). "Millennium Park Quadruaple Net Value Report" (PDF), p.16. Texas A&M University and DePaul University. (5 million – 3 million) 3 mill = 60% increase
Travel Industry Association of America
Ed Uhlir, Executive Director, Millennium Park Inc.
Chicago Tourism Bureau
Chicago Travel Statistics
Choose Chicago http://www.choosechicago.com/media/statistics/visitor_impact/Pages/default.aspx
Millennium Park Economic Impact Study
Neal Speers, General Manager, MB Real Estate
Increased the number of residential units in an underutilized part of the city by 57%,
resulting in a population increase of 71% within a 6-year period. From 2005 to 2015, a
total of $1.4 billion in residential development is projected.
An analysis of the area immediately adjacent to the park was conducted to determine the increase in residential housing and population growth. Since the park opened, over 4,800 apartment and condo units have been completed, resulting in a population increase of 71%. The development of new units was comprised of 64% of units being new construction and 36% being adaptive reuse of class B and C office space. The $1.4 billion in projected residential development is from the 2005 Millennium Park Economic Impact Study which analyzed the economic impact on Chicago for the 10 year period (2005-2015) directly attributable to the construction of Millennium Park. The report was produced by consultants Goodman Williams Group and URS Corporation for the City of Chicago's Department of Planning and Development in 2005. Sources Site To Do Business – www.STDBonline.com ESRI 2010 Data US Census Chicago Central Area Plan 2005 Millennium Park Economic Impact Study LPS Methodology Page 2 of 7 Creates a 25-40% price per square foot premium on newer residential condominium
units that have views of the park, in some cases up to $125 more per sf than units with
views of the city and lake.
Two residential condominium buildings with views of the park were analyzed to determine if there
is a premium placed on units sold with a park view versus units sold without park views. Below is
the sales breakdown of 400 East Randolph and The Legacy at Millennium Park.
400 East Randolph
Sales transactions at 400 East Randolph showed a premium for south-facing park views versus
north-facing lake and city views. There were not enough transactions per year to make a floor-by-
floor comparison, so some of the premium may be attributed the units being on different floors.
After 2005, there was consistently a 40%+ premium price per square foot paid for Millennium
Park views, an average $126/square foot.
The Legacy at Millennium Park
The Legacy at Millennium Park is a new construction development. As most of the units closed
upon the completion of the building, a floor-by-floor comparison could be done to eliminate the
premium paid for which floor the unit is on. In addition, units with partial Millennium Park views
were eliminated from the sample. On floors that had transactions for both Millennium Park views
and non-Millennium Park views, the average premium paid was $131/square foot, a 29%
premium. (See table on the following page.)
Millennium Park clearly adds value to residential real estate with views of the property. Though
there are many variables which factor into the sales price of condo units, it is clear that an excess
of $125 per square foot premium is paid for units with a park view. Millennium Park has added
real estate value to the surrounding area.
Multiple Listing Service of Northern Illinois LPS Methodology Page 3 of 7 LPS Methodology Page 4 of 7
Increased rents in apartment buildings adjacent to the park by 22% since the park's
opening, and has helped them maintain an average occupancy rate of 94%.
Below is breakdown showing 7 buildings and the rent associated with each one. Three buildings show a comparison from 2004 to 2011. The data can be analyzed to determine whether or not there has been an increase in property rents adjacent to the park.
Rents in apartment buildings adjacent to the park increased 22.4% since the park opened in
2004. The East Loop has maintained higher than average occupancy at 94.1% vs. 93.9% despite
having several older buildings.
Appraisal Research Counselors
Multiple Listing Service of Northern Illinois
Retains an estimated 70% of all water accumulated on site; the remaining 30% is
cleaned through a filtration system and diverted into the Chicago River.
According to Matthew Letson, Project Engineer, McDonough Associates, and Terry Guen from
Terry Guen Design Associates Inc., the site is capable of managing 70% of stormwater on-site,
while the remaining 30% is transported into the nearby Chicago River.
Matthew Letson, Project Engineer, McDonough Associates
Terry Guen, Terry Guen Design Associates Inc.
Chicago Stormwater Ordinance Manual
Removes 426.9 lbs of air pollutants each year through the addition of 550 trees. This
service has an estimated value of $1,000 per year.
There are currently 6.5 acres of trees on Millennium Park, which is about a 400% increase from before the installation of Millennium Park. An estimated total of 426.9 pounds of air pollutants are removed each year by trees, a service with an estimate value of $1083.49 per year: 191.4 pounds of ozone removed per year, saving $587.43 128.7 pounds of particulate matter removed per year, saving $263.77 67.2 pounds of nitrogen dioxide removed per year, saving $206.30 28.1 pounds of sulfur dioxide removed per year, saving $21.07 11.5 pounds of carbon monoxide removed per year, saving $4.92 The trees also store and sequester carbon, reducing the city's carbon footprint. LPS Methodology Page 5 of 7 Source
Air Quality Calculator - http://lafoundation.org/research/landscape-performance-
series/toolkit/toolkit/26/ ; http://ftp.americanforests.org/
Generates 19,840 kilowatt-hours (67,697 MBtu) of electricity and saves $2,353 in
energy costs annually via 920 photovoltaic modules.
The Exelon Pavilions are four of the five buildings in Millennium Park that generate electricity from solar energy. On the north side of the site, the Northeast Exelon Pavilion and the Northwest Exelon Pavilion, jointly named the North Exelon Pavilions, utilize 920 photovoltaic modules. Rather than using traditional glass panels, HBRA designed the pavilions using monocrystalline PV panels, an electrical device that converts light energy into electricity. In addition to creating a black, glazed appearance that contributes to the Pavilion's minimalist design, dark PV cells encased in laminates proved to be a cost-effective alternative building material. According to Frank Laraia, manager of Spire Solar Chicago, solar panels frequently amount to less than 4% of total building cost. At the North Exelon Pavilions, the solar panels cost between $70 and $75 per square foot, and generate $7 to $14 per watt of power produced. In 2005, the North Pavilions received the Leadership in Energy and Environmental Design (LEED) Silver rating from the United States Green Building Council (USGBC). In the "Alternative and/or Renewable Energy Use – New Construction" category, they were awarded the Technology Award Honorable Mention by the Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE). Also in 2005, the city of "Chicago was ranked fourth among U.S. cities in solar installations, and the Exelon Pavilions took the city to a total of 1 MW of installed photovoltaic systems." Together, "the pavilions generate 19,840 kilowatt-hours or 67,697 MBtu's of electricity annually, [which is] worth $2,353 per year at 2010 average electricity prices." Also, according to the city of Chicago, the pavilions provide enough energy annually to power at least 14 star-rated energy-efficient homes in Chicago. Sources U.S.Green Building Council http://www.usgbc.org/DisplayPage.aspx?CategoryID=19 Frank Laraia, Manager, Spire Solar Chicago
Exelon News Release, The Millennium Park Welcome Center Opens in the Northwest Exelon
Pavilion, April 30, 2005
Explore Chicago, The City of Chicago's Official Tourism Site http://explorechicago.org/city/en/things_see_do/attractions/dca_tourism/exelon_pavilions_.html Wikipedia http://en.wikipedia.org/wiki/Exelon_Pavilions#cite_note-cost-1 Millennium Park, Inc. Millennium Park Chicago, Cheryl Kent Walking Though Chicago's Millennium Park, a special editorial supplement to the October issue of Midwest Construction, a publication of the McGraw-Hill Construction Regional Publications group
Solar Panel Information http://www.sebane.org/news_room/news_releases_viewer.asp?id=58
Offers over 610 free hands-on educational events each year.
LPS Methodology Page 6 of 7
Lacey Capps, Director of Special Programs, Chicago Office of Tourism and Culture
Millennium Park Inc. Calendar of Free Events
Cost Comparison Methods
The "Lakefront Millennium Project" was originally planned as a 16-acre landscaped
greenroof atop a parking garage, designed in the traditional Beaux Arts style of Grant
Park. It was to serve as the new home for the Grant Park Music Festival, and would have
cost $150 million ($120 million from parking revenue bonds and $30 million from private
With a bold vision for transformative placemaking in a critical urban space, Millennium
Park ultimately cost $475 million, with $173.5 million coming from the private sector. The
project size increased by almost 50%, and required the removal of an existing parking
garage and numerous design revisions in order to create the landscape that features a
collection of work by world-renowned artists, architects, planners, landscape architects
Millennium Park became a catalyst for development in the surrounding neighborhood by
creating a highly attractive magnet for activity, and by removing a barrier between
downtown Chicago, sections of Grant Park, and the City's waterfront. The result is a return
on investment of an annual $1.4 billion in direct visitor spending and $78 million in tax
revenue, and an expected $1.4 billion in residential development generated over a 10 year
Explore Chicago, The City of Chicago's Official Tourism Site
Chicago Public Library Millennium Park Inc. Archives
City Parks Alliance
LPS Methodology Page 7 of 7
Hindawi Publishing CorporationISRN PharmacologyVolume 2014, Article ID 575423, 5 pageshttp://dx.doi.org/10.1155/2014/575423 Research ArticlePromotive Effect of Topical Ketoconazole, Minoxidil, andMinoxidil with Tretinoin on Hair Growth in Male Mice Muhsin A. Aldhalimi,1 Najah R. Hadi,2 and Fadaa A. Ghafil2 1 Department of Dermatology, Kufa College of Medicine, Kufa, Iraq2 Department of Pharmacology and Therapeutics, Kufa College of Medicine, Kufa, Iraq